LRB-1530/1
RAC:rac:ch
January 2005 Special Session
2005 - 2006 LEGISLATURE
January 11, 2005 - Introduced by
Joint Committee on Legislative Organization,
by request of Governor James E. Doyle. Referred to Joint Committee on
Finance.
AB1,1,2
1An Act to amend 20.866 (2) (xm) of the statutes;
relating to: refunding public
2debt that is used to finance tax-supported or self-amortizing facilities.
Analysis by the Legislative Reference Bureau
Currently, the state may contract public debt in an amount not to exceed
$440,000,000 to refund public debt used to finance tax-supported or self-amortizing
facilities. The bill increases that amount to $800,000,000.
For further information see the state fiscal estimate, which will be printed as
an appendix to this bill.
The people of the state of Wisconsin, represented in senate and assembly, do
enact as follows:
AB1, s. 1
3Section
1. 20.866 (2) (xm) of the statutes is amended to read:
AB1,2,74
20.866
(2) (xm)
Building commission; refunding tax-supported and
5self-amortizing general obligation debt. From the capital improvement fund, a sum
6sufficient to refund the whole or any part of any unpaid indebtedness used to finance
7tax-supported or self-amortizing facilities. In addition to the amount that may be
8contracted under par. (xe), the state may contract public debt in an amount not to
1exceed
$440,000,000 $800,000,000 for this purpose. Such indebtedness shall be
2construed to include any premium and interest payable with respect thereto. Debt
3incurred by this paragraph shall be repaid under the appropriations providing for
4the retirement of public debt incurred for tax-supported and self-amortizing
5facilities in proportional amounts to the purposes for which the debt was refinanced.
6No moneys may be expended under this paragraph unless the true interest costs to
7the state can be reduced by the expenditure.
